Hexaware also said: "In accordance with the requirements under SEBI Regulations, 2011, Baring Asia will make a public announcement for an open offer to the public shareholders of Hexaware to purchase up to an additional 26 per cent stake at a price of Rs 135 per share aggregating Rs 1,058 crore."

Baring to buy controlling stake in Hexaware for $400 mn: sources

(Reuters) Baring Private Equity Asia is set to buy a controlling stake in Hexaware Technologies Ltd, an Indian outsourcing services provider, for about $400 million, two sources with direct knowledge of the matter said on Friday.

The deal is expected to be approved by the Hexaware board as early as Friday, said the sources, who declined to be named before a public announcement. A spokeswoman for Hexaware did not have immediate comment.

Baring will roughly buy a 42 per cent stake in Hexaware from the Indian company's founders and private equity investor General Atlantic. It will then have to make a mandatory tender offer for up to 26 per cent, the sources said.

Baring is one of the largest independent private equity firms in Asia, with over $5 billion in capital under management. In May, Baring agreed to invest $260 million in French cement maker Lafarge SA's India operations.